In what some market participants are calling a case of "lawyer overreaction," Warburg Dillon Read and underwriters Lehman Brothers Inc. pulled their $1.37 billion commercial mortgage-backed securities deal from the market last week due to comments made to this newsletter by Warburg official Brian Harris.

A gaggle of eight attorneys representing the issuer and all the co-managers involved decided that certain comments made to MBSL last week by Harris in the article "Swap Spreads Affect Warburg CMBS Deal" (MBSL 3/27/00) might be construed as breaking Securities and Exchange Commission laws.

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